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We looked at milk, pasta, olive oil, steak, and more.
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Mackenzie Filson
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The other day I had to run out to buy cooking oil to make dinner. I knew which brand I wanted because it was a good size and it was cheap—$5 when I bought it about three months ago. I was surprised and annoyed to find out that the same bottle of oil, which was the exact same size and shape with the same type of oil in it, was now $7.
It had gone up $2 in the last three months. Now, that doesn’t sound like a lot since it’s “only two dollars,” which shouldn’t affect your budget. But add in other expenses like the cost of gas, other grocery items and rent, and those “tiny” increases add up. Inflation really makes the wallet hurt.
Lifestyle creep versus inflation
We spoke to two experts to find out how to deal with increases in household spending, in terms of both practical steps and the emotional side. Nearly 50% of Canadians say that money worries negatively affect their mental health, according to an Ipsos survey. First, we need to look at the difference between inflation and lifestyle creep. Inflation is when prices of goods and services increase with a corresponding decrease in the purchasing power of your money.
Lifestyle creep is when your standard of living improves as your income rises and former discretionary or luxury items become expectations. Think having all the entertainment streaming options instead of one or two because now you can afford it.
You can control lifestyle creep to an extent through budgeting and being aware of your spending habits. With inflation, there’s only so much you can control. If prices increase for household necessities, you end up spending more, whether you like it or not.
You can switch to cheaper items to save money, but at a certain point you may be sacrificing usability for price. Think one-ply toilet paper; it’s cheaper but you go through it faster, leading to spending more money. (Also, it doesn’t feel great.)
Since it feels like everything is going up except our salaries, how can you rein in the involuntary lifestyle creep and get some sense of control over your money?
How to avoid lifestyle creep and cut costs
Chantal Chapman, CEO and co-founder of financial literacy education firm The Trauma of Money in Vancouver, says to not let a scarcity mindset sabotage your spending. “If there was a time in your life when your income was low and you really had to restrict [your spending], that actually can lead to compulsive behaviours such as overspending.”
“It comes down to discipline,” says Elke Rubach, president of Rubach Wealth in Toronto. She admits that it does suck, saying, “I think the only blanket advice we can use for everyone is to sit down and do a reality check, because just feeling the pinch isn’t a healthy thing, because then you’re like pinching, pinching, pinching.”
She says one way to counteract the pinching is to check what’s causing it. “Is it actually the economy or is it something you can control? Is it eating out? Or is it that you’re buying groceries but things are going to waste? Are you buying the right things?”
How to save money on groceries in Canada
Another tactic is to shop at the local stores in your neighbourhood, says Rubach. With the Loblaws boycott proposed for May, she says, shopping local is “a very different approach. It’s not a negative. You’re doing the same action, to be clear, but instead of looking at it as ‘let’s screw Loblaws’—because they’ll just bring in technology and fire employees—look at your typical grocer at the corner of the street. They’re a lot cheaper.”
She also says shopping every few days can help keep costs down, especially if you live alone or have a small family. That way, you can plan your meals, reduce food costs and waste, and take advantage of sales.
Chapman says that even if you can afford price increases, try to contain them by limiting your splurges to certain purchases.
She says that while it’s nice and a privilege to be able to afford what you want and need, don’t let that dictate your spending. “You can say, ‘I don’t need to worry about how much I’m spending on my coffees,’ but maybe choose one area versus just applying that to everything if you are concerned about your budget.”
How to save money on clothes
Rubach advocates for second-hand clothing, swaps and hand-me-downs, especially when it comes to children. “There’s no need to buy new things every school year,” she says. “I’m guilty of doing that when my first child was born, spending ridiculous amounts of money on clothes.” Facebook marketplace or local FB groups are a good source for clothes and other household goods. Check your local neighbourhood for clothing swaps.
When faced with inadvertent lifestyle creep, we can revisit our budgets and attitudes to spending—at least until inflation, prices and interest rates slow down.
The post How to beat inflation: First, tackle lifestyle creep appeared first on MoneySense.
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Renée Sylvestre-Williams
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The outlook for food and beverage manufacturers this year is more positive than last year, FCC said, though some sectors still face headwinds amid elevated interest rates and tighter household budgets. “However, population growth and stabilizing—in some cases, falling—input costs are providing optimism for margin improvement for 2024.”
The organization’s annual food and beverage report offers up forecasts for consumer spending, as well as specific food items such as sugar and flour.
Canada’s annual inflation rate was 2.8% in February, and grocery prices were one of the main factors pushing it lower. Grocery inflation was 2.4% that month, down from 3.4% in January, as the cost of many items declined year over year. However, slowing inflation doesn’t mean prices overall are dropping. Statistics Canada noted in its latest inflation report that between February 2021 and February 2024, grocery prices rose 21.6%.
As they grapple with higher prices, not just on food but on shelter and other daily costs, Canadians have been trying to cut back their spending on food and beverages, FCC said. They have been buying more items on sale, gravitating toward less expensive brands, buying more canned and frozen foods, shopping more at discount retailers and simply buying less food.
“Many consumers say the impact of high interest rates are just beginning to affect their spending,” FCC said.
As shoppers have become more price sensitive, FCC said processors have been responding by modifying package sizing and substituting less expensive inputs.
Canadians have also been cutting back on alcohol, the report said. It forecasts a decline in alcohol sales and manufacturing volumes this year.
The report said some food products are expected to go down in price this year, such as flour, after a sharp increase over the last couple of years. This will translate to lower bakery and tortilla manufacturing selling prices by the end of the year.
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The Canadian Press
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Why is chocolate getting so expensive? A lot of ingredients go into a chocolate bar, including sugar and milk, but the one which gives chocolate its namesake—cocoa—is in particularly short supply at the moment.
Thanks to a combination of bad workplace conditions, climate change and insatiable global demand, cheap chocolate will be in very short supply, and experts aren’t sure when it’ll improve. Here’s how we got here, and how you might be able to get the most bang for your buck the next time you’re shopping for chocolate.
Basically, there isn’t enough of it on the market. Over half of the world’s cocoa, the key ingredient in chocolate, is grown in just two West African countries—Côte d’Ivoire and Ghana. If you count all countries in the West African “cocoa belt,” it comes out to around 80% of the world’s supply.
Most of the farmers growing this cocoa are very poorly paid, which has some seeking alternative sources of income for their land. According to a 2023 report from Corporate Accountability Lab on West Africa’s cocoa industry, hired workers in Côte d’Ivoire earn about USD$0.89 to USD$1.34 per day. Farmers sometimes cannot afford to hire paid help, and rely on family members to harvest their crops. To make extra money, farmers sometimes give their fields to illegal gold miners for cash, which degrades production.
To make matters worse, Côte d’Ivoire and Ghana are facing disastrous growing conditions for cocoa. Last year’s El Niño weather event left the West African region hotter than normal. Unpredictable rainfall mixed with dry spells is also wreaking havoc on cocoa tree growth. And swollen shoot disease, which destroys cocoa trees and is spread by insects, is getting worse in Côte d’Ivoire.
With the global market so dependent on this region, any disruptions mean rising cocoa prices. This week, the going rate for cocoa beans nearly hit USD$10,000 a ton on the New York Futures Exchange. (Futures are derivatives; they’re contracts to buy or sell an asset for a set price at a later date.) Just last summer, it was around USD$2,500 a tonne. And demand isn’t letting up. The global chocolate market is expected to grow by about 4% annually between 2024 and 2030, according to Grandview Research.
Canadian shoppers also have to deal with the various reasons why groceries are expensive—not just chocolate. Not only is Canada’s grocery market very concentrated, and therefore more vulnerable to price-fixing, but the sheer size of our country means it isn’t cheap for food suppliers to send their products to market.
Add all of these problems together, and Canadian chocolate shoppers will be hard-pressed to find any deals this year.
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Brennan Doherty
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Looking for ‘CSA near me’? Or maybe you’re curious about CSAs in Greenville, SC? In this article, you will learn how CSA farms work and the benefits of CSA programs for the farms and customers. And of course, where you can find a CSA in Greenville, SC.
The “farm to table” dining experience has taken the country by storm and indeed, it sounds divinely delicious: chefs are using fresh food straight from the farm, local ingredients to create tasty and (mostly) healthy meals. This type of cooking is spreading quickly, including Greenville, but eating out isn’t feasible every day so what about creating your own farm-to-table experience at home?
Enter Community Supported Agriculture (CSA) programs, where families and individuals buy into a local farm for a certain number of weeks a year, sharing the risks and rewards of the crop, and get fresh ingredients either delivered to their door or made available for pickup every week. It is the perfect way to support local farms and eat the freshest and healthiest ingredients around.
CSAs work as a partnership between the member and the farmers. By buying into the farm itself, the family has its own share and reaps the seasonal harvest as they are grown. There are some inherent risks, however, as bad weather and pests can destroy part of a crop any given year although the farmers take great care to protect their harvests as best they can and many have agreements with other farms in nearby states to supplement their own harvests if need be.
One great benefit of getting farm fresh food from a CSA is that it’s so much healthier than conventional meat, eggs, and dairy products. And by buying a share in CSA, members get the option of cooking with lesser known ingredients that they may never have tried in the past. Many CSAs will give their members recipes every week using the fruits, vegetables, meats and dairy products that are in that particular week’s share. So not only do you get to try new foods, you get to hone those cooking skills as well. Sautéed Swiss chard with parmesan? Yes please. Blueberry cobbler? I’ll take seconds.
Lastly, not only do you get the benefit of supporting a locally owned farm, but the costs can be comparable to shopping at grocery stores. Some CSAs will require payment for the entire season upfront or a deposit and prices vary widely and will also be dependent on whether the member wants a full or half share.
Members pick up their shares every week at the same time and place, either at the farm itself or somewhere convenient in Greenville, with reusable shopping bags. Some farms will deliver weekly shares to your door. Seasons run in blocks usually in spring through the summer and another from late summer through the end of fall although some farms will start in January.
Ready to buy into a CSA and start your own fresh food, farm-to-table experience? Here are a few available in the Greenville area:
Growing Green Family Farms, Anderson, SC
Feed & Seed Co.’s Crop Box, Greenville, SC
Ringgold Family Farm, Woodruff, SC
Horseshoe Farms, Travelers Rest, SC
Crescent Farms, Clinton, SC
Bio-Way Farms, Ware Shoals, SC
Mill Village Farms offers a Foodshare Box
Sharecroppers Farm, Spartanburg, SC
Swamp Rabbit Cafe, Greenville, SC
GrassFat Farms, Greenwood, SC with shipping available across SC (this is a meat CSA)
Want to find other local produce? We’ve rounded up the best spots for you.
Have you ever joined a local CSA? We would love to hear what you thought of your experience?
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Bethany Winston
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